Get ready to pass the CAMS Exam right now using our CAMS Certification Exam Package [Q296-Q316]

NO.296 Which three areas do FATF’s 40 recommendations cover? Choose 3 answers

NO.297 What is a major economic consequence of money laundering through the use of front companies?

NO.298 When considering sharing information across the institution or within the same jurisdiction, what is the key legal issue that poses challenges to sharing customer-related information?

NO.299 A law enforcement agent calls a bank anti-money laundering investigator for supporting information about a suspicious transaction report that was filed the previous month.
How should the investigator respond?

NO.300 What correspondent banking risk factor increases the risk for a Correspondent Bank?

NO.301 At a small community bank, the compliance officer identifies unusual activity on a customer, who with his personal and company accounts, is the bank’s largest depositor. The customer’s companies have significant balances on their outstanding loans. The compliance officer notices that there is a lot of unusual movements of money between the customer’s individual and business accounts. After filing a suspicious transaction report (STR), the compliance officer gets a call from law enforcement indicating that they want the bank to keep the account open while they conduct an investigation into the customer.
How should the compliance officer escalate this information to the board of directors?

NO.302 A Money Laundering Reporting Officer’s (MLRO) lack of action led to deficiencies in the bank’s AML program and a civil monetary penalty being levied against the MLRO. Why was this direct action taken against the MLRO?

NO.303 You have a solution that runs on a five-node Azure Kubernetes Service (AKS) cluster. The cluster uses an N- series virtual machine.
An Azure Batch AI process runs once a day and rarely on demand.
You need to recommend a solution to maintain the cluster configuration when the cluster is not in use. The solution must not incur any compute costs.
What should you include in the recommendation?

NO.304 An audit completed the previous week revealed that a private banking customer submitted incomplete documents when establishing an account earlier in the year. The customer received weekly electronic fund transfers from a narcotic-producing jurisdiction.
While the Relationship Manager who opened the account is on leave for 5 weeks, the customer requests that the institution remit a substantial sum to a country that represents a high risk of money laundering.
The Relationship Manager is a friend of the anti-money laundering specialist. Which of the following should the anti-money laundering officer do first?

NO.305 A client opens a bank account for a multi-level marketing company. The debits and credits of the account are numerous and very involved. Further, there are a lot of international transactions. Also, funds are being funneled from the company to the client’s personal account in another jurisdiction.
Which two steps should law enforcement take in investigating this matter? (Choose two.)

NO.306 When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?
1. The development of a Know Your Customer program.
2. An ongoing employee training program.
3. The designation of a compliance officer.
4. An independent audit function to test the program.

NO.307 The branch manager calls the compliance officer and informs her that a law enforcement officer has just left the branch and was asking a lot of question and left a business card.
What should the compliance officer do?

NO.308 What three attributes do havens for money laundering and terrorist financing typically have? Choose 3 answers

NO.309 According to experts, what is the most effective way to prevent money laundering through financial institutions?

NO.310 What should an employee do after witnessing suspicious activity from a coworker?

NO.311 In which three circumstances foes a large-cash deposit most likely reflect money laundering?

NO.312 The bank’s Compliance Officer is tasked with designing standards based on Basel’s KYC principles. Which essential elements should be included in the program? (Choose two.)

NO.313 The board of directors receives notice from the primary regulator of the bank that potentially suspicious activity has been identified and the bank president appears to be involved. The Board asks the compliance officer for advice.
Which action should the compliance officer take when informed?

NO.314 What are some useful tools or methods in conducting an internal AML investigation? Choose 3 answers

NO.315 Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?

NO.316 An immigrant residing in the United States opens a bank account that includes a debit card. Several months later, the transactional monitoring system identifies small deposits into the account followed by corresponding ATM withdrawals from a country bordering a conflict zone.
How should the bank respond?